On Wednesday, President Donald Trump settled a lawsuit with Meta, the parent company of Facebook and Instagram. Part of the settlement involves Meta paying Trump about $25 million, most of which will go into funding a presidential library.
President Trump on Wednesday settled a lawsuit that will require Meta to pay about $25 million, most of which will fund a presidential library, multiple outlets reported and a source familiar confirmed to Axios.
Why it matters: Meta shut down Trump’s Facebook and Instagram accounts for about two years after the Jan. 6 Capitol riot. However, since Trump’s reelection, CEO Mark Zuckerberg has cozied up to the new administration.
- $22 million will go toward a fund for Trump’s presidential library, according to the Wall Street Journal, which first reported the deal. The rest will go toward legal fees and individual plaintiffs.
- Boris Epshteyn, Trump’s attorney, did not immediately respond to Axios’ request for comment.
While details of the settlement were not released, the lawsuit has to do with the aforementioned shutdowns of President Trump’s social media accounts. Following his reelection, Meta’s CEO, Mark Zuckerberg, has suddenly grown to like President Trump:.
Flashback: Trump’s Facebook and Instagram profiles were reinstated in early 2023 and subsequently subject to stricter penalties than other users for more than a year.
- His account on Twitter, now X, was also suspended after the Capitol riot.
State of play: Zuckerberg attended Trump’s inauguration and donated $1 million to the inaugural fund.
- He also traveled to Mar-a-Lago in November to meet with Trump after the election.
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